HomeMy WebLinkAboutRedevelopment Agency/City of Huntington Beach - Operative Agreement Amendments F/Y 1993-1994 - 1994-10-04 T NCILIREDEVELOPMEN AGENCY ACTION
yly DATE: October 3. 1994
BLE MAYOR/CHAIRMAN AND
UNCIU REDEVELOPMENT AGENCY MEMBERS
SUBMITTED BY: MICHAEL T. UBERUAGA, City Administrator/E r
PREPARED BY: ROBERT J_ FRANZ, Deputy City Admini ��
BARBARA A. KAISER, Deputy City Administr ecto evelopment
SUBJECT- AMENDMENT OF OPERATIVE AGREEMENT B EEN HE TY
AND THE REDEVELOPMENT AGENCY FOR 199 194
Consistent with Council Policy: [ ✓ ] Yes [ ] New Policy or Exception
Statement of Issue, Recommendation, Analysis, Funding Source, Alternative Actions, Attachments %9.0
STATEMENT OF OBJECTIVE: The Redevelopment agency of the City of Huntington Beach
incurs debt in order to receive tax increment revenue. The Agency is also required to file an
annual statement by October 1 with the County to document this debt. This statement is also
needed for audit purposes.
RECOMMENDED COUNCIUAGENCY ACTION- That the City Council/Redevelopment
Agency approve the following Operative Agreement Amendments for fiscal year 1993/94:
Project Amendment Increase Increase Total Increased
Area Number (Decrease) Debt (Decrease) Debt (Decreased)
07101 to 09130/94 07101 to 09/30 Debt
Main/Pier 13 $ 3,357,705 $ 1,297,163 $ 4,654,868
Talbert/Beach 13 5.774 51.443 57,217
Oakview 13 (56,586) 646,022 702,608
Yorktown/Lake 12 13,409 23,352 36,762
Huntington Center 12 275,434 56,359 331.793
Total $ 3,044,868 - $ 669,578 $ 3,714,446
ANALYSIS: The Redevelopment Agency changed its fiscal year so that 1993/94 is a one-
time, fifteen month fiscal year ending September 30, 1994. Staff has contacted the Orange
County Auditor/Controller's Office and determined that the Council/Agency can adopt the
statements as of September 30, 1994_ However, according to Assembly Bill 1290, the
Council/Agency must separately identify debt incurred after July 1 and before September 30.
This action separately identifies the debt as of June 30 and September 30. The debt
statements must be submitted to the Auditor/Controller by October 1, 1994_ Staff is submitting
the agreements for Council/Agency approval.
i�
T
REQUEST FCOCOUNCIL/REDEVELOPMENT JRCY ACTION
AMENDMENT OF OPERATIVE AGREEMENTS BETWEEN THE CITY
AND THE REDEVELOPMENT AGENCY FOR 1993194
The changes in Redevelopment Agency debt due to the City for 1993/94 are:
1993/94 CHANGES IN DEBT
07/01/93 to 07/10/94 to Total Fifteen
06/30/94 09/30/94 Months
Indirect Advances $ 50,662 $ 12,665 $ 63,327
Interest 5,418,127 1,354,532 6,772,659
Repayments 2,423,921 697,619 3,121,540
Total Charges $ 3,044,868 $ 669,578 $ 3,714,446
Debt, Beginning of Period $ 80,491,692
Debt, End of Period $ 84,206,138
A detailed description of each of these categories follows-.
1. Indirect Advances - The City estimated indirect costs incurred on behalf of the
Agency. The Health and Safety Code allows these amounts to show as
advances to the Agency and count as debt. The cost of the Business
Development Division (which is paid out of Redevelopment Funds) are along
with credits for use of agency buildings, credited against the debt_ Below is an
analysis of how the amount was computed:
INDIRECT COSTS
07/01/93 to 07/10/94 to Total Fifteen
06/30/94 09/30/94 Months
Total General Fund $ 263,318 $ 65,830 $ 329,148
Indirect Costs
Less Credits 212,656 53,164 265,820
Total 1993/94 $ 50,662 $ 12,665 $ 63,327
Indirect Charges
0005383.01 -2- 0910819411:02 AM
REQUEST FACOUNCILIREDEVELOPMENT AGRCY ACTION
AMENDMENT OF OPERATIVE AGREEMENTS BETWEEN THE CITY
AND THE REDEVELOPMENT AGENCY FOR 1993/94
The breakdown by project area is:
Project 07/01/93 to 07/10/94 to Total Fifteen
Area 06/30/94 09/30/94 Months
Main/Pier $ 0 $ 0 $ 0
Talbert/Beach 4,799 1,200 5,999
Oakview 23,008 5,752 28,761
Yorktown/Lake 3,585 896 4,482
Huntington Center 19,268 4,817 24,086
Total $ 50,662 $ 12,665 $ 63,327
2. Interest - The City charged the Agency 7.00% during the year on all outstanding
advances_ Interest accrued to the following funds:
INTEREST CHARGES TO AGENCY
Funding 07/01/93 to 07/10/94 to Total Fifteen
Source 06/30194 09/30/94 Months
Direct Advances - General Fund $ 923,505 $ 230,876 $ 1,154,382
Indirect Advances - General Fund 748,243 187,061 935,054
Land Sale - General Fund 3,320,064 830,016 4,150,080
Sub Total General Fund $ 4,991,813 $ 1,247,953 $ 6,239,766
Other Funds:
Gas Tax Fund 53,225 13,306 66,532
Water Fund 125,531 31,383 156,914
Sewer Fund 5,234 1,308 6,542
Drainage Fund 25,825 6,456 32,281
Park Acquisition and
Development Fund 188,998 47,250 236,248
Parking Authority 8,146 2,036 10,182
Capital Improvement Fund 19,355 4,839 24,193
Sub Total Other Funds $ 426,314 $ 106,579 $ 532,893
Total All Funds $ 5,418,127 $ 1,354,632 $ 6,772,659
0005383.01 -3- 09/14/94 1:26 PM
REQUEST FACOUNCILIREDEVELOPMENT AGNICY ACTION
AMENDMENT OF OPERATIVE AGREEMENTS BETWEEN THE CITY
AND THE REDEVELOPMENT AGENCY FOR 1993/94
The above total of accrued interest was accrued to the following project areas:
Project 07/01/93 to 07/10/94 to Total Fifteen
Area 06/30/94 09/30/94 Months
Main/Pier $ 4,879,126 $ 1,219,782 $ 6,098,908
Talbert/Beach 200,974 50,244 251,218
Oakview 192,905 48,226 241,132
Yorktown/Lake 89,824 22,456 112,280
Huntington Center 55,297 13,824 69,121
Total $ 5,418,127 $ 1,354,532 $ 6,772,659
3. Repayments of Debt - The 1993/94 annual budget (including 3 month
extension) and an action repaying Agency debt resulted in $3,121,540 of debt
repayments to the City_ All repayments were applied according to previous City
Council/Redevelopment Agency direction. The repayments were:
AGENCY REPAYMENTS
Ori inal 1993194 Repayments $ 1,352,500
Abdelmuti Offsites 372,619
Three Month Extension Repayments 325,000
Additional Repayments due to Specific City Council Action 1,071,421
Total Budgeted Repayments $ 3,121,540
Project 07/01/93 to 07/10/94 to Total Fifteen
Area 06/30/94 09/30/94 Months
Main/Pier $ 1,521,421 $ 77,381 $ 11444,040
Talbert/Beach 200,000 200,000
Oakview 272,500 700,000 972,500
Yorktown/Lake 80,000 80,000
Huntington Center 350,000 75,000 425,000
Total $ 2,423,921 $ 697,619 $ 3,121,540
0005383.01 -4- 0910819411:02 AM
REQUEST FO4PCOUNCILIREDEVELOPMENT AACY ACTION
AMENDMENT OF OPERATIVE AGREEMENTS BETWEEN THE CITY
AND THE REDEVELOPMENT AGENCY FOR 1993/94
These operative agreements do not address changes in debt from non-City
sources The loan agreements from the Huntington Beach Public Financing
Authority (bonds), Emerald Cove (COP's), mortgages, and notes payable to
outside parties are not included because each contains a separate agreement.
However, the amounts are summarized in Exhibit I, (Summary of Total Agency
Debt)_
FUNDING SOURCE- Not applicable
ALTERNATIVE ACTION:
1. Adopt the amendments with modifications.
2. Do not adopt the agreements in which case the prior year debt statement would apply.
ATTACHMENTS.
1_ Exhibit I - Summary of All Agency Debt by Project Area
2. Exhibit II - Summary of Changes in Agency Debt by Project Area
3. Operative Agreement Amendments
0005383.01 -5- 0910819411:02 AM
BEKOP94_XLS
EXHIBIT I -SUMMARY OF ALL AGENCY DEBT BY PROJECT AREA
SEPTEMBER 30, 1994
TALBERT/ Yodtctown!
SUMMARY OF AGENCY DEBT- IIIAINlPIER BEACH OAKVIEW Lake HTO CTR TOTAL
GENERAL FUND DIRECT
ADVANCES 11.485.792 0 0 251.383 0 11.737.175
GENERAL FUND INDIRECT
ADVANCES 4.014.577 19.201 2.314.043 291.473 801.978 7.441.271
DEFERRED LAND SALES 32.588 417 0 0 245.000 0 32.833.417
INTEREST 24.363.085 1.976 697.260 309.177 69.119 25.440.616
TOTAL GENERAL FUND 72.451.871 21.177 3.011.302 1.097.033 871.097 77.452.479
OTHER FUNDS
PARK A AND D 0 2.936.224 0 0 0 2.936.224
SEWER FUND M.560 81.312 0 0 0 211.872
DRAINAGE FUND 314.653 86.556 0 0 0 401,209
CAPITAL IMPROVEMENT FUND 0 0 0 300.688 0 300.688
PARKING AUTHORITY 126.552 0 0 0 0 126.552
WATER FUND 1.950.219 0 0 0 0 1.950 219
GAS TAX FUND 826.894 0 0 0 0 826.894
TOTAL DEBT OTHER FUNDS 3.348.878 3.104.093 0 300.688 0 6.753,659
TOTAL OPERATIVE AGREEMENT
DEBT 75.800.749 3.125.269 3.011.302 1.397.721 871.097 84.206.138
OTHER DEBT:
Emerald Cove Bonds 0 5.635.000 0 0 0 5.635 000
Notes Payable 705.261 0 0 0 0 706,261
Public Financing Aut 13.565.682 1.858.420 3.376.935 0 11.208.442 30.009,479
Low Income Housing 1362.500 1.362.500
ERAF 227.191 27.903 116.854 23.274 260.948 656.170
OTHER DEBT 15.861.634 7.521.323 3.493.789 23.274 11.469.390 38.369.410
TOTAL ALL AGENCY DEBT 91.662.383 10 646.592 6.505.091 1.420.995 12.340.487 122.575.548
Page 1
• BEKOP94_XLS •
EXHIBIT II -STATEMENT OF CHANGES IN OPERATIVE AGREEMENT
DEBT BY PROJECT AREA
SEPTEMBER 30, 1994
YORKTOWN/
MAIN:PIER TALBERT/BEACH OAKVIEW LAKE HTG CTR TOTAL
OPERATIVE AGREEMENT DEBT
111193 71.145.881 3.068.052 3.713.910 1.360.959 1.202.890 80.491.692
INCREASES
ACCRUED INTEREST 6.098.908 251.218 241.132 112.280 69.121 6.772.659
NEW ADVANCES 0 5.999 28.761 4.482 24.086 63.327
TOTAL INCREASES 6.098.908 257.217 269.892 116.762 93 207 6.835,986
DECREASES.DEBT REPAYMENTS (1.444.040) J200.000) (972.500) (80.000) (425.000) (3.121.540)
OPERATIVE AGREEMENT DEBT
9130M 75.800.749 3.125.269 3011.302 1.397.721 871.097 84.206.138
Page 1
AMENDMENT NO 13 TO OPERATIVE AGREEMENT NO 2 BETWEEN THE CITY OF
HUNTINGTON BEACH AND THE HUNTINGTON BEACH REDEVELOPMENT
AGENCY FOR THE IMPLEMENTATION OF THE MAIN/PIER PROJECT AREA
Operative Agreement No 4 between the City of Huntington Beach and the
Huntington Beach Redevelopment Agency for the implementation of the Main/Pier project
area is hereby amended as follows
Section 7 is amended to read as follows
SECTION 7 - In addition to the above stated assistance provided by the City to the
Agency, the Agency s debt is as follows
Previous Balance $ 71,145,881
Increase 3,357,705 Increase 07/01/92 to 06/30/94
Increase 1,297,163 Increase 07/01/94 to 09/30/94
New Balance $ 75,800,749
Such new balance of Seventy-Five Million, Eight Hundred Thousand, Seven
Hundred Forty-Nine Dollars ($75,800,749) represents principal and accrued interest
through September 30, 1994
These sums shall be a debt of the Agency to the City and bear simple interest at the
rate of seven percent (7 00%) per annum
APPROVED by the City Council of the City of Huntington Beach and the
Redevelopment Agency at a regular meeting thereof held on the 3�,d day of
✓ 11994
Mayor/Chairperson
ATTT APPROVED AS TO FO /
i l er _ o-n—c ,r.1ro -li City Attomey/Agenci Counsel r�,J
�-�, 7
RE EWER AND APPROVED IN A AP ED
City Administrator Dep y A inistra r
Chief Executive Director Administra ve Services Dept
7/opagree/9/20/94
AMENDMENT NO. 13 TO OPERATIVE AGREEMENT NO. 1 BETWEEN THE CITYOF
HUNTINGTON BEACH AND THE HUNTINGTON BEACH REDEVELOPMENT
AGENCY FOR THE IMPLEMENTATION OF THE TALBERTIBEACH PROJECT AREA.
Operative Agreement No. 1 between the City of Huntington Beach and the
Huntington Beach Redevelopment Agency for the implementation of the Talbert/Beach
project area is hereby amended as follows
Section 7 is amended to read as follows:
SECTION 7 - In addition to the above stated assistance provided by the City to the
Agency, the Agency's debt is as follows:
Previous Balance $ 3,068,052
Increase 5,774 Increased 07/01/93 to 06/30/94
Increase 51,443 Increased 07/01/94 to 09/30/94
New Balance $ 3,125,269
Such new balance of Three Million, One Hundred Twenty-Five Thousand, Two
Hundred Sixty-Nine Dollars ($3,125,269) represents principal and accrued interest through
September 30, 1994.
These sums shall be a debt of the Agency to the City and bear simple interest at the
rate of seven percent (7 00%) per annum.
APPROVED by the City Council of the City of Huntington Beach and the
Redevelopment Agency at a regular meeting thereof held on the 3 '-� day of
(DG+-zber 1994.
Mayor/Chairperson
ATTEST. - APPROVED AS TO FO
City Clerk/Agency Clerk/ !2 sty AttomeylAgenc ounsel
q �
REVIEWED AND APPROVE • I Y116D D eOrV E D:
/ 7
City Admi istrator eputy ityrAdminigtrator
Chief Executive Director Administrative Serve es De
7/opagree/9/20/94
• •
AMENDMENT NO. 13 TO OPERATIVE AGREEMENT NO. 3 BETWEEN THE CITY OF
HUNTINGTON BEACH AND THE HUNTINGTON BEACH REDEVELOPMENT
AGENCY FOR THE IMPLEMENTATION OF THE OAKVIEW PROJECT AREA
Operative Agreement No. 3 between the City of Huntington Beach and the
Huntington Beach Redevelopment Agency for the implementation of the Oakview project
area is hereby amended as follows-
Section 7 - is amended to read as follows:
SECTION 7 - In addition to the above stated assistance provided by the City to the
Agency, the Agency's debt is as follows-
Previous Balance $ 3,713,910
Decrease (56,586) Decrease 07/01/93 to 06/30/94
Decrease (646,022) Decrease 07101/94 to 09/30/94
New Balance $ 3,011,302
Such new balance of Three Million, Eleven Thousand, Three Hundred and Two
Dollars ($3,011,301) represents principal and accrued interest through September 30,
1994.
These sums shall be a debt of the Agency to the City and bear simple interest at the
rate of seven percent (7.00%) per annum.
APPROVED by the City Council of the City of Huntington Beach and the
Redevelopment Agency at a regular meeting thereof held on the r�l day of
�]cfz b e r 1994.
Mayor/Chairperson
r
ATTEST: - APPROVED AS TO
City Clerk/Agency Clerk 17C
ity Aftorney/Agenef Counsel 94
9 yf,
REVIEWED AND APPROVED: INl- EB N - ROVED:
City Administrator Deputy City Admini ator
Chief Executive Director Administrative Servi pt.
7/opagree19120194
AMENDMENT NO. 12 TO OPERATIVE AGREEMENT NO. 4 BETWEEN THE CITY OF
HUNTINGTON BEACH AND THE HUNTINGTON BEACH REDEVELOPMENT
AGENCY FOR THE IMPLEMENTATION OF THE YORKTOWNILAKE PROJECT
AREA.
Operative Agreement No. 4 between the City of Huntington Beach and the
Huntington Beach Redevelopment Agency for the implementation of the Yorktown/Lake
project area is hereby amended as follows.
Section 7 is amended to read as follows:
SECTION 7 - In addition to the above stated assistance provided by the City to the
Agency, the Agency's debt is as follows-
Previous Balance $ 1,360,959
Increase 13,409 Increase 07/01/93 to 06/30/94
Increase 23,352 Increase 07/01/94 to 09/30/94
New Balance $ 1,397,721
Such new balance of One Million, Three Hundred Ninety-Seven Thousand, Seven
Hundred Twenty-One Dollars ($1,397,721) represents principal and accrued interest
through September 30, 1994.
These sums shall be a debt of the Agency to the City and bear simple interest at the
rate of seven percent (7 00%) per annum.
APPROVED by the City Council of the City of Huntington Beach and the
Redevelopment Agency at a regular meeting thereof held on the .3 day of
1994.
Mayor/Chairperson
ATTEST: - APPRPYED AS TO FO
City Clerk/Agency Clerk City AttomeylAgenc ounsel
A`�
REVIEWED AND APPROVED: IT PROVED: 0
Ci Administrator Depu City A inist for
Chief Executive Director Administrative S ' es Dept.
7lopagree/WO/94
AMENDMENT NO. 12 TO OPERATIVE AGREEMENT NO. 5 BETWEEN THE CITY OF
HUNTINGTON BEACH AND THE HUNTINGTON BEACH REDEVELOPMENT
AGENCY FOR THE IMPLEMENTATION OF THE HUNTINGTON CENTER PROJECT
AREA.
Operative Agreement No. 5 between the City of Huntington Beach and the
Huntington Beach Redevelopment Agency for the implementation of the Huntington Center
project area is hereby amended as follows:
Section 7 is amended to read as follows:
SECTION 7 - In addition to the above stated assistance provided by the City to the
Agency, the Agency's debt is as follows:
Previous Balance $ 1,202,890
Decrease (275.434) Decrease 07/01/93 to 06/30/94
Decrease (56,359) Decrease 09/01/94 to 09/30/94
New Balance $ 871,097
Such new balance of Eight Hundred Seventy-One Thousand, Ninety Seven Dollars
($871,097) represents principal and accrued interest through September 30, 1994.
These sums shall be a debt of the Agency to the City and bear simple interest at the
rate of seven percent (7-00%) per annum-
APPROVED by the City Council of the City of Huntington Beach and the
Redevelopment Agency at a regular meeting thereof held on the �' day of
1994.
Mayor/Chairperson
ATTEST: APPROVED AS TO 7' --;--7
City Clerk/Agency Clerk City Attorney/Agency ounsel
VIE AND APPROVED: IN N VED:
City Administrator Depu Admi istrato
Chief Executive Director Adminil'ative Se ept.
7/opag ree/9120/94
WPADIERT:1446
} REQI&T FOR CITY COU&IL
REDEVELOPMENT AGENCY ACTION
Deft September 7, 1993
Submitted to: Honorable Mayor/Chair and City Council/Agency Members
Submitted by: Michael T. Uberuaga, City Administrator/Executive Director
Prepared by: Dan T. Vi 11 el 1 a, Acting Deputy City Administrator
Barbara A. Kaiser, Redevelopment Director
Subject: 1993/94
AGENCY/CITY OPERATIVE AGREEMENTS
Consistent with Council Policy? Ix] Yes [ ] New Policy or ExceptionrAPF'ROVED BI' CITY COli,\'c'11
Statement of Issue, Recommendation,Analysis, Funding Source,Altemative A ions,Attecfiments:
Carl"Y FRK
STATEMENT OF ISSU The Redevelopment Agency is required to file an annual
statement with the County of Orange documenting the Agency' s debt. This
statement of debt is also needed for audit purposes as well as to keep the
City Council informed of the changes in the debt owed the City by the
Redevelopment Agency.
RECOMMENDATION: That the City Council/Redevelopment Agency approve the
following Operative Agreement Amendments for fiscal year 1992/93:
Amendment Increased/(Decreased)
Project Area _ Number _ Debt to City_
Main/Pier 12 $ 4,786,720
Talbert/Beach 12 161 ,440
Oakview 12 (74,610)
Yorktown/Lake 11 27,396
Huntington Center 11 (112.385)
Total Increase $ 4.7§8.U1
ANALYSIS:
Summary of Changes in Redevelopment Agency Debt to the City. 1992/23
Total Debt to City 7/l/92 $ 75,703,131
Increases in Debt:
Indirect Advances 263,316
Interest on Prior Debt 5,780,2U
Total Increases 6,044,259
Decreases in Debt:
Repayments of Debt (1 ,255,698)
Total Decreases ( 1 ,255,698)
Total Debt to City 6/30/93 $ 80.491 .692 ,/ i
'WEQUEST FOR CITY COUNCIL ACTI
19 /93 AGENCY/CITY OPERATIVE AGRE tNTS
A detailed description of each of these categories is as follows:
1 . Indirect Advances - The MSI Report was used to compute the indirect
costs incurred by the General Fund on behalf of the Agency. The Health
and Safety Code allows these amounts to show as advances to the Agency
and count as debt. The cost of the Business Development Division
(which is paid out of Redevelopment funds) is credited against the
debt. Below is an analysis of how the amount was computed:
Total General Fund Indirect Costs $ 494,475
Less Credits: ( 231,159)
Total 1992/93 Indirect Charges $ 316
The breakdown by project area is as follows:
Main/Pier $ 123,957
Talbert/Beach 13,202
Oakview 63,292
Yorktown/Lake 9,863
Huntington Center 53,003
Total 1992/93 Indirect Charges $ 263.316
2. Interes - The City charged the Agency 7.75% interest during the year
on all outstanding advances. Interest accrued to the following funds
of the City:
General Fund:
Direct Advances $ 1 ,067,454
Indirect Advances 749,133
Land Sales 3,475,506
Sub-Total General Fund $ 5,292.093
Other Funds:
Gas Tax Fund $ 54,690
Water Fund 137,571
Sewer Fund 22,779
Drainage Fund 37,890
Park Acquisition and Development 207,663
Parking Authority 8,370
Capital Improvement Fund 19,887
Sub-Total $ 488,850
Total $ 5380.943
-2-
IEQUEST FOR CITY COUNCIL ACTIO
19 /93 AGENCY/CITY OPERATIVE AGREEM NTS
The above total interest expense was accrued to the following project
areas:
Main/Pier $ 5,112,763
Talbert/Beach 221 ,184
Oakview 264,850
Yorktown/Lake 97,533
Huntington Center _ 84,613
Total $ 5.78Q.943
3. Repayments of Debt - The 1992/93 Annual Budget authorized $1 ,252,500 of
debt repayments to the City. Staff is recommending an additional
$3,198 of repayments to fully pay the Water Fund debt to the Talbert
Beach Project Area. $127,054 of the budgeted repayment was shifted
from Talbert/Beach to Oakview because the Talbert/Beach Project Area
had insufficient debt to absorb the original debt repayment. The
additional debt repayment will be made from the Oakview Project Area to
the General Fund.
All of the repayments were applied in accordance with previous City
Council /Redevelopment Agency direction (see attached) . Interest and
principal on direct advances were credited first.
These operative agreements do not address changes in debt from non-City
sources. The loan agreements from the Huntington Beach Public Financing
Authority (bonds) , Emerald Cove (COP's), mortgages, and notes payable to
outside parties are not included because each contains a separate agreement.
However, the amounts are summarized in Exhibit I . (Summary of Agency Debt at
June 30, 1993) .
ALTERNATIVE ACTION:
1 . Approve the amendments with modifications.
2. Do not approve the agreements.
FUNDING SOURCE: Not applicable.
ATTACHMENTS:
1 . Exhibit I - Summary of Redevelopment Agency debt at June 30, 1993.
2. Exhibit II - Summary of Changes in Operative Agreement Debt for the
Fiscal Year ending June 30, 1993.
3. Amendments to Operative Agreements
4. Request for Council Action dated August 3, 1993 - Financial Strategy
Plan
-3-
EXHIBIT 1
SUMMARY OF REDEVELOPMENT AGENCY DEBT
JUNE 30, 1993
TALBERT/ YORKTOWN/ HUNTINGTON
GENERAL FUND: MAIN/PIER BEACH OAKVIEW LAKE CENTER TOTAL
DIRECT ADVANCES 11,485,792 0 310,864 251,383 150,097 12,198,136
INTEREST ON DIRECT ADVANCES 2,455,712 0 24,092 151,471 11,633 2,642,907
TOTAL DIRECT ADVANCES 13,941,504 0 334,956 402,854 161,730 14,841,043
INDIRECT ADVANCES 4,014,577 (0) 2,375,352 286,991 849,B15 7,539,936
INTEREST ON INDIRECT ADVANCES 1,691.556 0 1,003,602 120,074 191,346 3,006,578
TOTAL INDIRECT ADVANCES 5,706,133 (0) 3,378,954 407,065 1,041,161 10,546,514
LAND SALES 32,589,147 245,000 32,834,147 •
INTEREST ON LAND SALES 15,457,050 29,545 15,486,595
TOTAL LAND SALES 48,046,107 R 0 0 274,545 0 48,320,742
TOTAL GENERAL FUND 67,693,834 (0) 3,713,910 1,084,464 1,202,890 73,708,300
OTHER FUNDS:
SEVER FUND 241,933 74,770 0 0 0 316,703
DRAINAGE FUND 418,199 108,592 0 0 0 526,791
GAS TAX FUND 760,362 0 0 0 0 760,362
PARKING AUTHORITY FUND 116,370 0 0 0 0 116,370
PARK A AND D 2,884,691 2,884,691
CAPITAL IMPROVEMENT FUND 0 0 0 276,495 0 276,495
WATER FUND 1,915,183 0 0 0 0 1,915,183
TOTAL OTHER FUNDS 3,452,047 3,068,052 0 276,495 0 6,796,�594
TOTAL ALL CITY FUNDS 71,145,881 3,068,052 T,ff3,910 1,360,959 1,202,890 80,491,692
DEBT TO OUTSIDE PARTIES
HBPFA 13,725,355 1,879,775 3,419,000 11,401,950 30,426,080
MORTGAGES PAYABLE 798,000 0 0 217,810 0 1,015,810
EMERALD COVE BONDS 0 5,710,000 0 0 5,710,000
TOTAL AGENCY DEBT 85,669,236 10,657,827 7,132,910 1,578,769 12,604,840 117,643,582
EXHIBIT II
STATEMENT OF CHANGES IN OPERATIVE AGREEMENT DEBT
FISCAL YEAR ENDING JUNE 30, 1993
MAIN/PIER TALBERT OAKVIEW YKTN/LAKE HTG CTR TOTAL
BEACH
INCREASES:
GENERAL FUND PRINCIPAL:
0
INDIRECT COSTS 123,957 13,202 63,292 9,863 53,003 263,316
0
TOTAL GENERAL FUND PRINCIPAL ADV. 123,957 131202 63,292 9,863 53,003 263,316
INTEREST ON GENERAL FUND DEBT 4,864,472 512 264,850 77,646 84,613 5,292,093
INTEREST ON OTHER FUNDS DEBT 248,291 220,672 0 19,887 0 488,850 •,
TOTAL INTEREST 5,112,763 221,iB4 264,850 97,533 84,613 5,780,943
TOTAL INCREASES IN CITY DEBT 5,236,720 234,386 328,142 107,396 137,615 • 6,044,259
DECREASES:
GENERAL FUND PRINCIPAL 0 19,859 298,924 0 220,363 539,146
GENERAL FUND INTEREST 450,000 1,047 103,828 80,000 29,637 664,512
OTHER FUNDS PRINCIPAL 0 32,882 0 0 0 32,882
OTHER FUNDS INTEREST 0 19,158 0 0 0 19,158
TOTAL REDUCTIONS 450,000 72,946 402,752 80,000 250,000 1,255,698
NET INCREASE (DECREASE) IN DEBT 4,786,720 161,440 (74,610) 27,396 (112,385) 4,788,561
OPERATIVE AGREEMENT DEBT, JULY 1, 1992 66,359,161 2,906,612 3,788,520 1,333,563 1,315,275 75,703,130
OPERATIVE AGREEMENT DEBT, JUNE 30, 1993 71,145,881 3,068,052 3,713,910 1,360,959 1,202,890 80,491,692
i
REQUAT FOR CITY COUNCIL/ -
REDEVELOPMENT AGENCY ACTION
ED 92-31----;
Date August 3, 1992
Submitted to: Honorable Mayor/Chairman & City Council/Redevelopment Agency Members, QL�
a
Submitted by: Michael T. Uberuaga, City Administrator/Executive Dire 't
GL
Prepared by: Barbara A. Kaiser, Deputy City Administrator/Economic rlopment
Subject: Approval of Financial Strategy Plan Including Debt Repayment for the
Redevelopment Ag ncy
Consistent with Council Policy? l Yes ( ] New Policy or Exception
Statement of Issue, Recommendation,Analysis, Funding Source, Alters M6&A —WrWAQ.
19� 1
STATEM NT_QF LSSUE• f
ITY .• ......
On September 16, 1991, Council approved Amendments to the Operative Agreements
between the Redevelopment Agency and the City for the five Redevelopment Project
Areas. As part of that action, staff was instructed to prepare a plan to repay the debt
of the Agency, including the $7 million in General Fund cash advances. Staff has
prepared a Financial Strategy Plan including debt repayment which is presented in this
staff report for Agency/City Council consideration.
£t,ECOMRINDED COUNCIL/AGENCY ACTION:
1. Approve the Financial Strategy Plan as proposed, including repayment of City debt
by the Agency as provided in the attached summary.
2. Direct staff to prepare a new Operative Agreement incorporating the proposed
repayment plan for Fiscal Year 1991/92.
ANALYSIS:
�tr_oduction
The Agency has incurred debt since 1982 in order to receive tax increment funds from
the County. Each year the City Council has approved changes in each project area's
debt by approving amendments to Operative Agreements between the City and Agency.
Staff is now in a position to recommend a Financial Strategy Plan including a debt
repayment plan that will repay all of the Agency's General Fund cash advances,
approximately $9 million, according to the following schedule:
Project Area Payoff Date
Main-Pier 2009/10
Yorktown-Lake 1999/00
Talbert-Beach 1992/93
Oakview 1995/96
Huntington Center 1993/94
In order to achieve the timetable above, Council will need to approve the proposed debt
repayment plan below. Any changes to said plan may lengthen the payback of General
Fund cash advances.
Exhibit I summarizes Agency Debt at June 30, 1991. Following this action, staff will
prepare a similar summary of Agency Debt at June 30, 1992 as part of the 91/92
Operative Agreement.
ProposedDcbt Repayment Plan:
I. Approve the following repayments of Agency debt in fiscal year 1991/92:
a. Budgeted cash repayment of $972,500 to the General Fund. (APPROVED)
b. Parking Structure Transfer -- Staff is proposing to transfer the
Main/Promenade Parking Structure from the Agency to the City and reduce
Agency parking structure fund debt by $18,040,780 plus accrued interest since
1989 and reduce Main/Pier land sales debt by $3,133,500 plus accrued interest
since 1989.
c. Kou al rocpg--ds - Transfer the proceeds (cash) from the $1,250,000 sale
of commercial space from the Main/Promenade Parking Structure to the
General Fund and reduce Agency debt by $1,250,000. (APPROVED)
d. General Plan Urban Design Element - The Agency transferred $50,000 to the
General Fund to assist with funding the General Plan Update. Reduce
Main/Pier debt by $50,000.
e. HB Conference and Visitors Bureau - At the end of 1990/91, the Agency
transferred $115,000 to the General Fund to cover a portion of the Bureau's
$150,000 General Fund grant. In 1991/92, the Agency transferred $30,000 to
the Bureau for services not covered in their 1991/92 grant. Reduce Agency
debt by $145,000.
f. MayeL_CoWration Lease faterfront) - In 1991/92, the General Fund
received $165,000 in lease payments from the Robert Mayer Corporation,
which should have gone to the Agency, which is the property owner. Reduce
Main/Pier debt by $165,000.
g. Awh3mces - Agency owned appliances were transferred to City departments
during 91/92. Reduce Agency debt by $1,587.
h. 1 p. of Ag y .Owned Building r City Purposes - The City occupies, or
has directed the Agency to lease non-profit associations, including the Police
Department, a total of 4,000 sq. ft. of space in downtown buildings at 204 -
Sth Street (Shank house) and 411 Olive Avenue (Surfing Museum). The space
could be leased at $1.00/sq. ft. and could therefore generate $4,000/month for
the Agency. Reduce Main/Pier debt by $48,000.
1. Wind-an-Sea - Clean-up of hazardous materials in the amount of $50,000 for
property transferred from City to Agency. Reduce Main/Pier debt by $50,000.
II. Annual Repayment of debt by the Agency shall be scheduled in the following
priority (to be further defined in dollar amounts in the 1991/92 Operative
Agreement):
a. Contracts (including mortgages), and Bond (HBPFA) debt.
b. Any City debt under $100,000.
c. General Fund cash advances (principal and interest).
d. General Fund Deferred Development fees.
e. General Fund indirect costs (overhead costs determined by City).
f. General Fund land sales.
g. Other Fund Debt (i.e.: sewer, water, park acquisition and development, gas,
etc.)
III. Other Conditions:
a. The City will contract with the Redevelopment Agency (through the
Operative Agreement) to provide economic development services throughout
the City. Credit will be provided to the Agency for staff and operating costs,
(as approved annually in the Agency budget), used for economic development,
business development, and other general city services not considered part of
redevelopment or activities outside of redevelopment geographic boundaries.
This amount will be credited to city debt repayment. A monthly cost report
will be generated by Economic Development staff.
b. Credit against cash advances to be provided for programs and projects
undertaken by the Agency for benefit of the city (i.e., police substation, HB
Conference and Visitors Bureau, etc.).
c. The MSI report will be used to estimate indirect costs charged by other city
departments to the Agency. Direct costs charged by city departments will be
documented by the city at least annually.
d. Eliminate the entire CDBG debt by crediting the Agency for current
development programs provided for city benefit using CDBG funds (i.e.,
handicap ramps, skateboard parks, Oakview library, backstreet alley
improvements, etc.).
e. Land sales from the city to the Agency shall be done at appraised value less
any toxic/hazardous materials remediation costs.
f. Rent from Agency owned ]eased properties shall be deposited into Agency
accounts.
. • i�
Additional Background Inf_Qrmatio n:
The establishment of debt is important to Redevelopment Agencies since it is
required for the Agency to receive tax increment revenues. if a project area has
no debt, no tax increment revenues are received. It is therefore important to
document and maintain sufficient, adequate debt to recover tax increment
revenues.
Redevelopment Agency debt is incurred in a variety of ways such as the following:
1. Gel]grial Fund Cash Advances -- direct loans from the General Fund for Agency
operations and/or projects.
2. Indirect Charges -- Work done for the Agency by General Fund operations.
This amount is computed annually based on a cost-allocation plan.
3. Tax A11omion Bonds - Bonds issued in 1988 and refinanced in 1992, pledging
future tax revenues in four project areas as security. These bonds have
"first-claim" on all tax increment revenues.
4. Deferred Deve]Qomgj)l Fees -- In some prior projects, the Agency has agreed
to pay the City fees that are normally paid at the start of project
construction. The fees will be repaid to the City from tax increment
revenues.
S. Debt to Ousside _rtiU -- The Agency has incurred mortgages for property
purchases.
6. Land Sales - The City has sold the Agency land to facilitate certain
Redevelopment projects.
FUNDING SQURCE:
None required by this action.
ALIMATTVE ACT1QNS:
Direct staff to make changes to the proposed plan.
AT-TACE[h ENS:
Summary of Agency Debt, June 30, 1991.
MTU/BAKJMJG:sar
0960r
EXHIBIT 1
SUMMARY OF REDEVELOPMENT AGENCY DEBT
JUNE 30, 1993
TALBERT/ YORKTOWN/ HUNTINGTON
GENERAL FUND: MAIN/PIER BEACH OAKVIEW LAKE CENTER TOTAL
AGENCY ADVANCE OF BOND PROCEEDS 4,445,000 4,445,000
INTEREST ON AGENCY ADVANCE/BOND PROCEEDS 831,099 831,099
TOTAL AGENCY ADVANCE OF BOND PROCEEDS 5,276,099 0 0 0 0 5,276,099
DIRECT ADVANCES 7,040,792 0 310,864 251,383 150,097 7,753,136
INTEREST ON DIRECT ADVANCES 1.624,613 0 24,092 151.471 11,633 1,811,808
TOTAL DIRECT ADVANCES 8,665,405 0 334,956 402,854 161,730 9,564,944
INDIRECT ADVANCES 4,014,577 (0) 2,375,352 286,991 849,815 7,539,936
INTEREST ON INDIRECT ADVANCES 1,691,556 0 1,003,602 120,074 191,346 3,006,578
TOTAL INDIRECT ADVANCES 5,TO6,133 (0) 3,378,954 407,065 1,041,161 10,546,514 •
LAND SALES 32,589,14'7 245,000 32,834,147
INTEREST ON LAND SALES 15,457,050 29,545 15,486,595
TOTAL LAND SALES 48,046,197 0 0 274,545 0 48,320,742
TOTAL GENERAL FUND 57,693,834 (0) 3,713,910 1,084,464 1,202,890 73,708,300
OTHER FUNDS:
SEWER FUND 241,933 74,770 0 0 0 316,703
DRAINAGE FUND 418,199 108,592 0 0 0 526,791
GAS TAX FUND 760,362 0 0 0 0 760,362
PARKING AUTHORITY FUND 116,370 0 0 0 0 116,370
PARK A AND D 2,884,691 2,884,691
CAPITAL IMPROVEMENT FUND 0 0 0 276,495 0 276,495
WATER FUND 1,915,183 0 0 0 0 1,915,183
TOTAL OTHER FUNDS 3,452,047 3,068,052 0 276,495 0 6,T96,594
TOTAL ALL CITY FUNDS 71,145,881 3,068,052 3,713,910 1,360,959 1,202,890 80,491,692
DEBT TO OUTSIDE PARTIES
HBPFA 13,725,355 1,879,775 3,419,000 11,401,950 30,426,080
MORTGAGES PAYABLE 798,000 0 0 217,810 0 1,015,810
EMERALD COVE BONDS 0 5,710.000 0 0 5,710,000
TOTAL DEBT TO OUTSIDE PARTIES 14,523,355 71589,775 3,419,000 217,810 11,401,950 37, 151,890
TOTAL AGENCY DEBT 85,669,236 10,657,827 7,132,910 1,578,769 12,604,840 117,643,582
Jl CITY OF HUNTINGTQN BEACH
INTER-DEPARTMENT COMMUNICATION
Hl1NT1.NCT(>N MACH
TO: Honorable Mayor and City Council Members
�
FROM: Michael T. Uberuaga, City AdministratorV`-"
PREPARED BY: Barbara A. Kaiser, Director of Redevelopment+t""
DATE: September 1, 1993
SUBJECT: Operative Agreement 1992193
Operative Agreement:
Pu se - The purpose of the Operative Agreement is to document the debt owed by
the Redevelopment Agency to various parties including: City of Huntington Beach, and
outside parties (such as bond holders and mortgages).
The Redevelopment Agency must owe debt to the city and/or outside parties in order to
collect $5.2 million of tax increment annually from the County of Orange. Without
any debt, the county would keep the tax proceeds which would not be paid to the
Agency to invest in the five redevelopment areas.
Tax Increment Revenue - The Redevelopment Agency has received $25.5 million of tax
proceeds from the county to be spent within the five redevelopment areas since 1984
(Exhibit A). It is projected that $5.2 million will be received during fiscal year
1993/94, and that this amount will increase annually by a small amount (Exhibit B).
Agency's Current Financial Status - Debt
City: Direct Cash Advances $ 7,753,136
Interest on Cash Advances 1,811,808
Advance of Bond Proceeds & Interest 5,276,099
Indirect Cash Advances & Interest 10,546,514
Land Sales & Interest 48,320,742
Subtotal 73,708,300
Other City Funds Debt 6,796,594
Subtotal City Debt $ 80,491,692
Debt to Other Parties:
HBPFA Bonds $ 30,426,080
Mortgages 1,015,810
Emerald Cove Bonds 75. 10.000
Subtotal 37,151,890
Total Agency Debt $117,643,583
Agency's Current Financial Status - Assets
Against the debt of$117 million, the Agency currently has the following assets:
Land Holdings:
Waterfront $ 22,400,000
Third Block West 2,819,730
Town Square 19250,000
Other 9,890,075
Subtotal $ 36,359,805
Emerald Cove Senior Apartments 5,710,000
Cash on Hand 18,300,598
Funds Due from Others:
Abdelmuti Loan 4,000,000
Waterfront Hilton AV Credit 200.000
Total $ 64,570,403
Interest Payments - Most of the difference between the Agency's debt and assets is
interest that accrues to outstanding debt at a rate of 7.75% annually. Interest alone
totals $21,136,080 on direct and indirect advances and land sales. This $21,136,080 is
an interest charge which assists the Agency in proving that sufficient debt exists in
order to collect tax increment funds from the county.
General Fund Cam - Over the years, the city has advanced the Agency $7,753,136 in
cash to initiate redevelopment projects. The Agency paid $1.2 million (FY 1992/93)
towards this debt. Agency debt repayment to the city since 1989 totals $3.5 million
(Exhibit Q. In addition, the Agency makes payments on other funds debt, bond
payments, and mortgage payments.
2
Agency Debt Increase - The increased Agency debt is attributable to:
Indirect Costs (MSI) $ 263,316
Interest Charges 5,780,943
Total $ 6,044,259
Less Agency payment to the city - 1,255,698
Net increase in Agency debt $ 4,788,561
The Main-Pier Project Area shows the greatest increase in interest (debt), since it owes
the city $7,040,792 in cash advances, and holds land transferred at a value of $32.5
million. The Agency has not received city general fund cash advances since 1988.
Staff will be providing this information to the City Council at the meeting of
September 7, when the Operative Agreement is scheduled for discussion.
MTU/BAK:ls
607
3
Review of Tax Increment Revenue .
Fiscal Year
83-84 $179279
84-85 75, 130 !
85-86 506,599
86-81 11138,813
87-88 119719161
88-89 2,464,596
89-90 31873,750
90-91 59052,613
91 -92 51286,000
92-93 591709372*
Total: $259566,313
' estimated H
N
H
b
Projections of Tax Increment
Revenue :Fiscal Year Amount
�
•
93-94 $5,239,6471
94-95 51681 ,007
95-96 61332,375
96-97 617589990
97-98 61923,838 �
m
x
x
w
m
Repayment of Agency Cash to City,
Annual amounts since 1982- 1992 :
Fiscal Year Amount
pre- 89 $0
89-90 6009000
90-91 7151500
91 -92 9729500
92-93 11252,500 �
Total: $3,5409500
m
x
x
m
H
n
AGENDA ITEM F-4
W
Y
3 CITY - REDEVELOPMENT
�4Q AGENCY OPERATIVE
AGREEMENTS
Q Amendments - FY 1992/93
4,
TAX INCREMENT
REVENUE
$ IN MILLIONS
600 505 529 517
500-11
387
4 00
3 00
197
2 00 1 14
1 00
02 0 08
0 00
84 85 86 87 88 89 90 91 92 93
s FISCAL YEAR
917193
AGENDA ITEM F-4
AGENCY DEBT TO CITY
Cash Advances: 1982-87 $7,753,136
Interest on Advances 1,811,808
Advance of Bond Proceeds 5,276,099
Indirect Costs 102546,514
Land Sales 48,320,742
SUBTOTAL 73,708,299
Other City Funds Debt 6 79fi 594
TOTAL $80,5043893
AGENCY DEBT TO OTHER
PARTIES
Tax Increment Bonds $30,4263080
Mortgages 1,015,810
Emerald Cove Bonds 5,710,000
TOTAL $379151,890
9/7I93
AMENDMENT NO. 11 TO OPERATIVE AGREEMENT NO. 4
BETWEEN THE CITY OF HUNTINGTON BEACH AND THE
HUNTINGTON BEACH REDEVELOPMENT AGENCY FOR THE
IMPLEMENTATION OF THE YORKTOWN/LAKE PROJECT AREA
Operative Agreement No. 4 between the City of Huntington
Beach and the Huntington Beach Redevelopment Agency for the
implementation of the Yorktown/Lake project area is hereby
amended as follows :
Section 7 is amended to read as follows :
SECTION 7 -- In addition to the above stated assistance
provided by the City to the Agency, the Agency' s debt is as
follows :
Previous Balance $1, 333 , 563
Increase 27, 396
New Balance $1, 360, 959
Such new balance of One Million, Three Hundred Sixty
Thousand, Nine Hundred Fifty-Nine Dollars ($1, 360 , 959)
represents principal and accrued interest through June 30, 1993 .
These sums shall be a debt of the Agency to the City and
bear simple interest at the rate of seven and three-quarters
percent (7 . 75%) per annum.
APPROVED by the City Council of the City of Huntington
Beach and the Redevelopment Agency at a regular meeting thereof
held on the 7th day of Spptp-mher , 1993 .
Mayor/Chairperson
ATTEST: APPROVED AS TO FORM:
City Clerk/Agency .Cierk ttA ey/Agency Coun 1
• %' Cry 9-� �36v-(
REVIEWED AND APPROVED: INITI AN AP OVED:
I
{
City Administrator/ Deputy City Administrp'tor
Chief Executive Officer Administrative Services
Department
61793 : jn
AMENDMENT NO. 11 TO OPERATIVE AGREEMENT NO. 5
BETWEEN THE CITY OF HUNTINGTON BEACH AND THE
HUNTINGTON BEACH REDEVELOPMENT AGENCY FOR THE
IMPLEMENTATION OF THE HUNTINGTON CENTER PROJECT AREA
Operative Agreement No . 5 between the City of Huntington
Beach and the Huntington Beach Redevelopment Agency for the
implementation of the Huntington Center project area is hereby
amended as follows :
Section 7 is amended to read as follows :
SECTION 7 ---- In addition to the above stated assistance
provided by the City to the Agency, the Agency' s debt is as
follows :
Previous Balance $ 1 , 315, 275
Decrease (112 , 3BU
New Balance $ 1, 202, 890
Such new balance of One Million, Two Hundred Two Thousand,
Eight Hundred Ninety Dollars ($1, 202, 890 represents principal
and accrued interest through June 30, 1993 .
These sums shall be a debt of the Agency to the City and
bear simple interest at the rate of seven and three-quarters
percent (7 . 75%) per annum.
APPROVED by the City Council of the City of Huntington
Beach and the Redevelopment Agency at a regular meeting thereof
held on the 7th day of September-, 1993 .
Mayor/Chairperson
ATTEST: APPROVED AS TO FORM:
City Clerk/Agency Clerk r ty A orney/Agency Counsel
1 . rJ v J
REVIEWED AND APPROVED: �' I IT T AND ROVED: y ��Y3
City Administrator/ `Deputy City Administrator
Chief Executive Officer Administrative Services
Department
61793 : j n
AMENDMENT NO. 12 TO OPERATIVE AGREEMENT NO. 1
BETWEEN THE CITY OF HUNTINGTON BEACH AND THE
HUNTINGTON BEACH REDEVELOPMENT AGENCY FOR THE
IMPLEMENTATION OF THE TALBERT/BEACH PROJECT AREA
Operative Agreement No. 1 between the City of Huntington
Beach and the Huntington Beach Redevelopment Agency for the
implementation of the Talbert/Beach project area is hereby
amended as follows :
Section 7 is amended to read as follows :
SECTION 7 -- In addition to the above stated assistance
provided by the City to the Agency, the Agency' s debt is as
follows :
Previous Balance $ 2, 906, 612
Increase 161,440
New Balance $ 3 , 068, 052
Such new balance of Three Million, Sixty-Eight Thousand,
Fifty-Two Dollars ($3 , 068, 052) represents principal and accrued
interest through June 30, 1993 .
These sums shall be a debt of the Agency to the City and
bear simple interest at the rate of seven and three quarters
percent (7 . 75%) per annum.
•
APPROVED by the City Council of the City of Huntington
Beach and the Redevelopment Agency at a regular meeting thereof
held on the 7tb day of September , 1993 .
Mayor/Chairperson
ATTEST: APPROVED AS TO FORM:
dww�
City Clerk/Agency Clerk C* t oVey/Agen y Counsel
REVIEWED AND APPROVED: INI11T �3 D AN A ROVE
f
City Administrator/ Deputy it. Administ ator
Chief Executive Officer Administrative Sery ces
Department
61793 : jn
i
- 1
AMENDMENT NO. 12 TO OPERATIVE AGREEMENT NO. 3
BETWEEN THE CITY OF HUNTINGTON BEACH AND THE
HUNTINGTON BEACH REDEVELOPMENT AGENCY FOR THE
IMPLEMENTATION OF THE OAKVIEW PROJECT AREA
Operative Agreement No . 3 between the City of Huntington
Beach and the Huntington Beach Redevelopment Agency for the
implementation of the Oakview project area is hereby amended as
follows :
Section 7 is amended to read as follows :
SECTION 7 -- In addition to the above stated assistance
provided by the City to the Agency, the Agency' s debt is as
follows :
Previous Balance $ 3 , 788, 520
Decrease (74, 610)
New Balance $ 3 , 713 , 910
Such new balance of Three Million, Seven Hundred Thirteen
Thousand, Nine Hundred Ten Dollars ($3 , 713 , 910) represents
principal and accrued interest through June 30, 1993 .
These sums shall be a debt of the Agency to the City and
bear simple interest at the rate of seven and three quarters
percent (7 . 75%) per annum.
w
p
f
APPROVED by the City Council of the City of Huntington
Beach and the Redevelopment Agency at a regular meeting thereof
held on the 7th day of September 1993 .
Mayor/Chairperson
ATTEST: APPROVED AS TO FORM:
City Clerk/Agency`Clerk �Ct�y A rney/Agency Counsel/
(may i/��� S.
REVIEWED AND APPROVED: INITIA iAN 4PP VED:
i
C.t
City Administrator/ Deputy i A inistra r
Chief Executive Officer Administr tive Servic
Department
61793 : jn
r
AMENDMENT NO. 12 TO OPERATIVE AGREEMENT NO. 2
BETWEEN THE CITY OF HUNTINGTON BEACH AND THE
HUNTINGTON BEACH REDEVELOPMENT AGENCY FOR THE
IMPLEMENTATION OF THE MAIN/PIER PROJECT AREA
Operative Agreement No. 2 between the City of Huntington
Beach and the Huntington Beach Redevelopment Agency for the
implementation of the Main/Pier project area is hereby amended
as follows :
Section 7 is amended to read as follows :
SECTION 7 -- In addition to the above stated assistance
provided by the City to the Agency, the Agency' s debt is as
follows :
Previous Balance $ 66 , 359 , 161
Increase 4 , 786, 720
New Balance $ 71, 145, 881
Such new balance of Seventy-One Million, One Hundred
Forty-Five Thousand, Eight Hundred Eighty-One Dollars
($71, 145, 881) represents principal and accrued interest through
June 30, 1993 .
These sums shall be a debt of the Agency to the City and
bear simple interest at the rate of seven and three-quarters
percent (7. 75%) per annum.
APPROVED by the City Council of the City of Huntington
Beach and the Redevelopment Agency at a regular meeting thereof
held on the nth day of September 1993 .
Mayor/Chairperson
ATTEST: APPROVED AS TO FORM:
City Clerk/Agency Clerk Cit torney/Agency Cou el
1�1�' _ S1
REVIEWED AND APPROVED: I I ��AD AP OVED:
c
City Admini trator/ Deputy--city Administr or
Chief Executive Officer Administrative Servi es
Department
61793 : jn